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China’s AIIB clears US$180mn Covid-19 credit for SMEs: Sri Lanka embassy

ECONOMYNEXT – China’s Asian Infrastructure Investment Bank (AIIB) has cleared a 180 million dollar credit for Coronavirus hit small and medium enterprises, which will be disbursed through state banks, Sri Lanka’s embassy in Beijing said.

State-run Bank of Ceylon would disburse 90 million US dollars and the People’s Bank 90 million dollars.

The loan approval was confirmed when Sri Lanka Ambassador to Beijing Palitha Kohona met AIIB Vice President D J Pandian at the AIIB headquarters of February 25, the statement said.

The loan was applied in 2019.

The AIIB is styled on the Asian Development Bank and World Bank models and is staffed with international hires. It has co-financed projects with the ADB which has environmental, procurement guidelines and feasibility requirements for projects.

ADB had been one of the top providers of credit lines for SMEs in the past.

Pandian, a former Indian civil servant joined the bank in 2016 as its Vice President and Chief Investment Officer after serving in the central and Gujarat administrations and heading several state enterprises. (Colombo/Feb27/2021)

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